USDCAD ( ELITE Perspective)This analsysis is on the Monthly Chart (I also demonstrate the change in the psychology of the market from bearish to bullish) , It allows us to see the there is HUGE Bullish momentum on the monthly, theirfore allowing us to look and find Opportunities on the lower time frames for bullish channels (Pips are going to die lmao) everything after this idea being published will be superb analsysis, all my other posts were before I got mentored by two different million dollar traders. Enjoy!
Forex-usdcad
USDCAD Market Outlook | Daily Forex Market BreakdownUSDCAD
USDCAD is looking really good. As you can see on the chart right now we’re seeing a clean rejection off the 78.6 fib, if you look at the -27 fib level you can see it lines up very close to the psychology key level of 1.400 If the bears can take control I believe we could melt down to 1.400 easily. Keeping a very close eye on this pair for the time being.
USDCAD Cup & handle formationI'd be expecting a pullback in USDCAD before a breakout. The cup & handle pattern is a bullish indicator. At this time, USDCAD is up against a heavy Daily resistance area. A short term SHORT play has set up, as the 1Hr chart has formed an ascending, which is a common reversal signal when up against larger time frame resistance.
PURPLE lines notate profit zones in either direction you chose to take. Playing both sides of this move is certainly possible.
CONCLUSION: Short term SHORT play, long term LONG...
USDCAD: Bearish Forecast For Today
Good morning traders,
usdcad has reached a strong horizontal resistance level and I suppose that the price will drop from it!
the initial target is 1.3233
the second target is 1.3205
always protect your position with stop to breakeven after the initial target is reached!
good luck!